Landbank loans to priority sectors up 16%

Land Bank of the Philippines said loans extended to its priority sectors rose by 16 percent as of June this year to P206.2 billion from P177.2 billion a year ago.

The amount represents 75.3 percent of the bank’s total loan portfolio of P273.7 billion.

The increase was due mainly to higher loans to small farmers and fisherfolk; socialized, low-cost and medium-cost housing; micro-enterprises and SMEs, and environment-related projects, including clean and renewable energy.

“We are committed to aggressively expand our financial and technical support to better serve our priority sectors and all those who need it most,” said Landbank president and CEO Gilda E. Pico.

The bank’s priority sectors include small farmers and fisherfolk and their associations, agri- and aqua-businesses, agri-aqua related projects of LGUs and government-owned and controlled corporations, small and medium enterprises, communication, transportation, housing, education, healthcare, environment-related projects and tourism.

Outstanding loans to small farmers and fisherfolk reached P23.8 billion as of the end of June. From January to June, loan releases hit P18.3 billion, benefiting more than 400,000 small farmers and fisherfolk nationwide.

Loans to micro enterprises and SMEs grew by 30 percent to P34.7 billion from P26.7 billion a year ago while loans to socialized, low-cost and medium-cost housing reached P23.5 billion.

Landbank also remains aggressive in extending support to agri-aqua projects of local government units and government owned and controlled corporations, with loans reaching P46.3 billion as of June this year.

It continues to play a major role in some of the government’s priority and development programs.